neoclassical economics
E52109
Neoclassical economics is a dominant school of economic thought that explains prices, output, and income distribution primarily through marginal analysis, individual rational choice, and market equilibrium.
All labels observed (3)
| Label | Occurrences |
|---|---|
| neoclassical economics canonical | 12 |
| Marshallian economics | 1 |
| Principles of Economics | 1 |
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
economic theory
ⓘ
school of economic thought ⓘ |
| associatedWith |
Alfred Marshall
ⓘ
Carl Menger ⓘ John R. Hicks ⓘ
surface form:
John Hicks
Leon Walras ⓘ
surface form:
Léon Walras
Paul Samuelson ⓘ Vilfredo Pareto ⓘ William Stanley Jevons ⓘ |
| assumes |
diminishing marginal returns
ⓘ
diminishing marginal utility ⓘ profit maximization by firms ⓘ rational agents ⓘ utility maximization by consumers ⓘ |
| contrastedWith |
Keynesian economics
ⓘ
Marxism ⓘ
surface form:
Marxian economics
institutional economics ⓘ |
| coreTool |
calculus
ⓘ
comparative statics ⓘ constrained optimization ⓘ |
| criticizedFor |
limited treatment of power and inequality
ⓘ
neglect of institutions ⓘ strong rationality assumptions ⓘ |
| developedFrom | classical economics ⓘ |
| emergedInPeriod | late 19th century ⓘ |
| emphasizes |
individual rational choice
ⓘ
marginal analysis ⓘ market equilibrium ⓘ |
| explains |
distribution of income
ⓘ
factor pricing ⓘ price formation ⓘ resource allocation ⓘ |
| focusesOn |
income distribution
ⓘ
output ⓘ prices ⓘ |
| influenced |
mainstream macroeconomics
ⓘ
modern microeconomics ⓘ |
| normativeImplication | efficiency of competitive markets ⓘ |
| usesConcept |
consumer surplus
ⓘ
general equilibrium ⓘ imperfect competition ⓘ marginal cost ⓘ marginal revenue ⓘ marginal utility ⓘ partial equilibrium ⓘ perfect competition ⓘ producer surplus ⓘ supply and demand ⓘ welfare economics ⓘ |
| viewsMarketAs | tending toward equilibrium ⓘ |
Referenced by (14)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Principles of Economics
this entity surface form:
Marshallian economics
subject surface form:
T. N. Srinivasan